Cryptocurrency exchange and trading platform Coinbase has increased its crypto buying limits and enabled immediate trading capability. Usually, users would wait for five days before starting to trade on the platform after the initial deposits. However, the company stated that the improvement will be available for US customers within the next few weeks.
Coinbase Increases daily buying Limits and enable Instant Trading
Coinbase announced that it is boosting its daily purchase limits to enable instant trading after the initial deposit. Currently, new deposits on the platform wait up to five days before being eligible to trade. The company realized they could be losing potential clients with this delay given the level of services competitors offer.
According to a note from a Coinbase spokesperson, the platform supports instant transfers via wire transfer and debit cards. He stated that purchases via direct debits from user bank accounts take days to settle. With the current boost, coinbase customers will receive an instant credit for funds being sent from their bank accounts. With this users can buy cryptocurrency to and from their USD fiat wallet instantly though they won’t be able to move funds off the coinbase platform until the bank transfer settles in.
On the other hand, the company also increased daily cryptocurrency buy limits to $25000 although this will be only available to customers with verified identities. In the meantime, this capability is only available for US customers through the company revealed it is in the process of expanding it to all its other customers.
Coinbase Still taking Identity Verification very Seriously
Although many cryptocurrency exchanges allow anonymity within their customers, coinbase takes identity verification very seriously. The platform hides away some really cool features to customers who have not yet finished their verification process.
Currently verified coinbase customers living in the United States have a maximum allowable purchase limit of $25,000 daily meanwhile. At the same time customers who have not finished verifying their identities have cryptocurrency purchase limit of just $25,000 weekly.